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Financial suite helps treasury departments

2 December 2003, 18:00 PM
STAR TECH
Star Tech Desk
Oracle Financials
AT the Association Of Financial Professionals Conference, Orlando on November 3, Oracle Corporation announced significant enhancements to Oracle Treasury, which will help companies achieve regulatory compliance, provide greater visibility throughout the entire business and reduce costs and increase efficiencies, says a press release. A part of Oracle Financials, a suite of integrated financial applications that gives companies complete visibility into their finances and control over all transactions, the latest version of Oracle Treasury was developed in conjunction with Oracle's Treasury customer advisory group. "We've been impressed with the depth of knowledge and experience that Oracle Treasury's development team has brought to the table," said Steve Wolgamott, international treasury manager, Diebold, Incorporated, a global leader in ATM and self-service delivery and security systems for financial, commercial and retail markets. "It is refreshing to work with a group that understands the issues that affect Treasury and is proactive in addressing them. Their customer advisory group is just one example of their focus on our needs." To help companies with issues such as regulatory compliance, the need for increased visibility into treasury activities and cost reductions, the latest version of Oracle Treasury includes the following enhancements:

Enhanced Regulatory Compliance

Oracle Treasury contains new enhancements to assist companies with regulatory compliance, a part of Oracle's ongoing commitment to helping companies with this important issue. Additional validation levels for payment processing and more preconfigured business roles help enforce common separation of duties principles, both addressing Sarbanes-Oxley concerns of fraud prevention and risk control. The application also has expanded support of FAS 133 and IAS 39, two major accounting standards for treasurers. The latest release helps provide greater visibility into financial exposures treasurers hedge to reduce income fluctuations. It allows them to establish new types of hedges and track them through their life cycles. Additionally, new reports detail the use of all financial derivatives, an important disclosure requirement for these regulations.

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Enhanced Straight-Through Processing (STP)

The new version of Oracle Treasury expands the existing STP capabilities beyond foreign exchange and inter-company transactions to also include money market transactions. For example, companies that frequently purchase or issue debt using discounted securities such as CDs or commercial paper can have information about those transactions automatically fed into Oracle Treasury, rather than having to manually enter it. Automating this process can save time, reduce the chance for costly errors or fraud, and help mitigate risk. Additionally, to help companies save time, cut costs and accelerate the monthly close cycle, Oracle Treasury can automate the entire set of back-office treasury processes from portfolio revaluation through passing journal entries to the general ledger, which previously were separately initiated processes.

Flexible, Real-time Cash Positions and Forecasts

Companies now have real-time access to operational cash flow information for improved cash positioning with Oracle Treasury. Instead of waiting for batch summaries, organizations can now manage cash by accessing real-time detailed information from both treasury and operational sources. Positioning and forecasting capabilities have also been enhanced to allow companies to view cash flows in multiple dimensions, enabling them to make better investment and borrowing decisions.

Oracle Treasury at AFP Conference

Oracle was present at the Association of Financial Professionals (AFP) 24th Annual Conference. On Nov. 3, Oracle Vice President and Assistant Treasurer Geri Westphal presented a session entitled "Centralization and Automation: A Winning Combination For Oracle's Corporate Treasury" that detailed Oracle's internal transition to a global treasury department. Additionally, Steve Wolgamott, international treasury manager, and Timothy McDannold, vice president and assistant treasurer at Diebold, Incorporated, gave a presentation entitled "Evolving into a Global Treasury Operation at Diebold" on Nov. 3. This session demonstrated the challenges Diebold faced, the choices it made and the benefits it achieved in its quest to become a global treasury operation, including its implementation of Oracle Treasury.
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